June 8 (THEWILL) — Nigeria’s total merchandise trade rose to ₦34.79 trillion in the first quarter of 2026, supported by stronger export earnings and a sharp contraction in imports, according to the latest Foreign Trade Statistics report released by the National Bureau of Statistics (NBS).
The report showed that total trade stood at ₦34.79 trillion during the quarter, with exports accounting for 60.85 percent of total trade at ₦21.17 trillion, while imports stood at ₦13.62 trillion, representing 39.15 percent of total trade.
Total exports increased by 2.77 percent year-on-year from ₦20.60 trillion recorded in the corresponding period of 2025 and rose by 11.63 percent compared to the fourth quarter of 2025. Imports, however, declined by 18.17 percent year-on-year and fell by 21.05 percent quarter-on-quarter, widening Nigeria’s trade surplus during the period.
Crude oil remained Nigeria’s dominant export commodity, accounting for ₦11.20 trillion or 52.92 percent of total exports. Other oil products contributed ₦6.78 trillion, reflecting a 51.49 percent increase from the corresponding quarter of 2025. Combined, mineral products accounted for ₦18.16 trillion, representing 85.77 percent of total export earnings.
India emerged as Nigeria’s largest export destination, accounting for 13.09 percent of total exports, followed by France, the Netherlands, Spain and the United States. Regionally, Europe remained Nigeria’s biggest export market, receiving goods valued at ₦7.93 trillion, while exports to Asia stood at ₦6.42 trillion.
Although agricultural exports remained significant, earnings from the sector declined by 31.20 percent to ₦1.17 trillion. Superior-quality cocoa beans remained Nigeria’s leading agricultural export, generating ₦596.90 billion, followed by sesamum seeds, soybeans and cashew nuts.
On the import side, China retained its position as Nigeria’s largest trading partner, supplying goods worth ₦5.10 trillion and accounting for 37.42 percent of total imports. The United States, India, Germany and the United Arab Emirates completed the top five import sources.
Machinery and transport equipment remained Nigeria’s largest import category at ₦5.01 trillion, followed by mineral fuels at ₦2.65 trillion and chemicals at ₦2.02 trillion. Notably, imports of other petroleum products fell sharply by 85.05 percent to ₦748.10 billion, suggesting a growing impact of domestic refining capacity on Nigeria’s import profile.
Analysts say the combination of rising exports, lower fuel imports and a wider trade surplus points to improving external sector performance, although the continued dominance of crude oil highlights the need to accelerate export diversification efforts.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
